Deere & Company (DE) Upgraded to Buy at Zacks Investment Research

Deere & Company (NYSE:DE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, November 2nd. The brokerage presently has a $150.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.88% from the company’s previous close.

According to Zacks, “Deere expects net sales to grow about 11% year over year and projects net income to be roughly $2.1 billion in fiscal 2017. The company will gain from continued strength in income growth and food demand, growing investment in construction and improvement in Brazil. The pending Wirtgen acquisition will aid Deere’s North America-centric construction business expand to a global scale. Deere will also gain from the recently acquired Blue River Technology. The buyout will bolster its position in precision agriculture. Its estimates have been undergoing positive revisions over the past two months. The company has a positive record of earnings surprises in recent quarters. The stock has outperformed the industry in the last year.”

A number of other equities analysts also recently commented on DE. Jefferies Group LLC reissued a “hold” rating and issued a $125.00 price objective on shares of Deere & in a research note on Wednesday, August 9th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $139.00 price target (up from $135.00) on shares of Deere & in a report on Friday, August 11th. Robert W. Baird lowered shares of Deere & from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $140.00 to $130.00 in a report on Friday, August 18th. BMO Capital Markets reissued an “outperform” rating and set a $150.00 price objective (up from $140.00) on shares of Deere & in a report on Wednesday, August 16th. Finally, Bank of America Corporation dropped their price objective on shares of Deere & from $145.00 to $130.00 and set a “neutral” rating on the stock in a report on Monday, August 21st. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $129.08.

Shares of Deere & (NYSE DE) traded up $0.97 during trading hours on Thursday, hitting $132.88. The company’s stock had a trading volume of 1,591,300 shares, compared to its average volume of 2,353,704. The company has a quick ratio of 1.90, a current ratio of 2.10 and a debt-to-equity ratio of 2.76. Deere & has a fifty-two week low of $90.75 and a fifty-two week high of $136.69. The stock has a market capitalization of $42,382.28, a price-to-earnings ratio of 22.09, a PEG ratio of 2.39 and a beta of 0.73.

Deere & (NYSE:DE) last posted its quarterly earnings results on Friday, August 18th. The industrial products company reported $1.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.93 by $0.04. Deere & had a net margin of 6.81% and a return on equity of 25.96%. The firm had revenue of $6.83 billion during the quarter, compared to the consensus estimate of $6.92 billion. During the same quarter in the previous year, the firm posted $1.55 earnings per share. The company’s revenue was up 16.6% on a year-over-year basis. analysts expect that Deere & will post 6.47 earnings per share for the current fiscal year.

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In other Deere & news, insider Max A. Guinn sold 8,551 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $134.89, for a total transaction of $1,153,444.39. Following the transaction, the insider now directly owns 50,939 shares of the company’s stock, valued at approximately $6,871,161.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pentz Markwart Von sold 24,143 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $135.33, for a total transaction of $3,267,272.19. Following the transaction, the insider now directly owns 57,086 shares in the company, valued at $7,725,448.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 149,141 shares of company stock worth $18,694,199. 0.75% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of the company. Marco Investment Management LLC boosted its holdings in shares of Deere & by 0.3% in the second quarter. Marco Investment Management LLC now owns 1,874 shares of the industrial products company’s stock valued at $232,000 after acquiring an additional 6 shares in the last quarter. Nadler Financial Group Inc. boosted its holdings in shares of Deere & by 0.4% in the second quarter. Nadler Financial Group Inc. now owns 2,704 shares of the industrial products company’s stock valued at $334,000 after acquiring an additional 10 shares in the last quarter. Blue Chip Partners Inc. boosted its holdings in shares of Deere & by 0.3% in the second quarter. Blue Chip Partners Inc. now owns 3,687 shares of the industrial products company’s stock valued at $456,000 after acquiring an additional 10 shares in the last quarter. Northwest Quadrant Wealth Management LLC boosted its holdings in shares of Deere & by 0.4% in the second quarter. Northwest Quadrant Wealth Management LLC now owns 3,165 shares of the industrial products company’s stock valued at $418,000 after acquiring an additional 13 shares in the last quarter. Finally, YorkBridge Wealth Partners LLC boosted its holdings in shares of Deere & by 1.1% in the second quarter. YorkBridge Wealth Partners LLC now owns 1,236 shares of the industrial products company’s stock valued at $154,000 after acquiring an additional 13 shares in the last quarter. 65.67% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Profile

Deere & Company is engaged in equipment operations. The Company is engaged in providing financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The agriculture and turf segment manufactures and distributes a line of agriculture and turf equipment and related service parts.

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